Volatile price moves have shaken everyone’s nerves -- and depleted lots of investor portfolios. Surprise and worry are nearly inescapable when the Dow moves 500-plus points in a day. Of course, surprised worry becomes sheer terror when you either a) Weren’t prepared, or b) Don’t know what to do next. Either scenario is a recipe for disaster.
So how do successful traders remain composed in the face of wildly fluctuating markets?
Whether you're a full-time trader or an active investor, the most important elements of your success are education and self-discipline -- in a word, experience.
"In study after study, of composers, basketball players, fiction writers, ice-skaters, concert pianists, chess players, master criminals, this number comes up again and again. Ten thousand hours is equivalent to roughly three hours a day, or 20 hours a week, of practice over 10 years… No one has yet found a case in which true world-class expertise was accomplished in less time. It seems that it takes the brain this long to assimilate all that it needs to know to achieve true mastery."
Daniel Levitin, cognitive psychologist, neurobiologist, and author
If you've been trading full-time for five or more years, read no further. But if you're newer to the game, please consider the following: It's true that experience has no substitute. Yet when it comes to trading, Robert Prechter puts it this way: "There is a shortcut … and that is to find a mentor."
Legendary traders Dick Diamond and Peter Brandt, and EWI's own expert trader-analysts Jeff Kennedy and Wayne Gorman offer their years of wisdom to give you an edge. You can educate yourself with one of our upcoming events this fall.
ACT NOW. Protect yourself from the unexpected. Learn more about our market mentor courses, and gain the experience you need to stay ahead of the markets. Follow this link to get started >>